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888 Boss Speaks on Company Future

Wednesday April 24,2013 : 888.COM CHIEF SPEAKS ON THE COMPANY'S FUTURE
 
Wide-ranging interview follows an outstanding first quarter report
 
Following the release of an outstanding first quarter report Tuesday  888 Holdings chief executive Brian Mattingley shared his thoughts on the future with the Reuters news agency, revealing that the company expects to be online with poker in Nevada by the summer, and should start seeing positive effects from a more liberated American online market from 2015.
 
888 has been awarded a Nevada online poker license and is now seeking wider online gambling licensing in New Jersey, Mattingley revealed.
 
"In Nevada we are awaiting final sign-off by the gaming control board on our software," he told Reuters, adding that the 888 online poker product should be live in the state by the third quarter.
 
The 888 poker chief said that moves toward legalised online gambling in a number of states were encouraging:
 
"I imagine we will start to see some really influential numbers [accrue] to our business from 2015," he said, adding that next year would involve a lot of marketing spend as companies jostle for position in the United States.
 
The prospect of a more progressive and liberated approach to online gambling in the United States have helped drive a doubling in 888's share price since the middle of 2012, and the company is now worth almost GBP 600 million ($915 million).
 
Mattingley was also pleased with the strong performance of his company in the online markets in Spain and Italy, which fuelled a nine percent rise in revenues to $103 million in the first three months of the year.
 
The Italian market had benefitted from a government decision to permit online slot action, and it was hoped that the Spanish government would follow suit, he said.
 
888 planned to offer online sports betting in both Italy and Spain by the summer with its new platform provider, replacing the Blue Square platform, Mattingley revealed.
 
The new platform provider, which 888 has thus far declined to identify, "has a different agenda to that of Blue Square," Mattingley said, observing that this would enable his company to "...cover all sports, all products, in a much different spectrum of countries and territories. So for example, in Spain and Italy, we operate without a sportsbook because of the constraints of Blue Square. That would [no longer] be the case.”
 
Acknowledging that 888's sports betting ambitions did not currently position it in the same league as major UK betting giants, Mattingley noted that the change in platforms would present opportunities for 888 to grow into "a more serious player" - especially in markets where regulation was being led by sports betting activity.
 
“We see there are market opportunities, and we will take those opportunities, particularly in moving our business into territories where the sports market is the market which actually predominantly rules the online business and poker and casinos are, if you like, reference points off of the main market. So we will definitely be looking at getting into Spain and Italy”, Mattingley confirmed.
 
The latest quarterly numbers from 888 show that the company's emerging offering, including 888Sport and its social gaming properties, grew by 27 percent due to a strong sports margin (see previous InfoPowa report for full Q1-2013 details).

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Gambling News :

Interwetten 2016 Earnings Results - Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform

EU Online Gambling Tax Harmoney Dead - Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.

Jack Lam Facing Big Fines in the Philippines - It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.

Walter Merricks Term As Gambing Commissioner Extended - The UK Government has extended Walter Merricks’ term as Commissioner of the Gambling Commission for a further year, ending December 31, 2017.

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

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